Morgan Stanley Ordered to Pay $8.6 Million

Washington, DC: Morgan Stanley has been ordered to pay $8.6 million in a stockbroker arbitration claim that alleged unauthorized trading. The award was given to Denis Doyle, who filed the Financial Industry Regulatory Authority (FINRA) arbitration after his accounts experienced a drastic decline in value. Although FINRA typically does not comment on its rulings, according to The Wall Street Journal (6/3/16), the panel cited financial elder abuse when it awarded $2 million in punitive damages